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Donald Trump’s election in the US has lent a helping hand to gold and silver miner Fresnillo, which benefited from falling costs due to the plunging Mexican peso.

The currency tumbled 17pc against the US dollar on average in 2016, on the back of Mr Trump’s hostile rhetoric towards Mexico. The fall meant that Fresnillo, which reports its accounts in dollars, found its six mines in Mexico were cheaper to operate.

The FTSE 100-listed miner also gained from a tighter rein on costs and higher precious metal prices, driving a 90pc jump in cashflow to $1bn (£80m) and a 238pc surge in full-year pre-tax profits to $718m. Revenues climbed 35pc to $1.9bn.